All Forum Posts by: Steve S.

Update! I ended up buying the little lot of land for a song, its in Brookline NH about 2 weeks ago. None of the neighbors are happy as its a wooded lot that provides privacy for a couple homes. They are not gonna be happy when fire up the chain saw to clear it! 

Can anyone advise a good local company to do the survey / engineering. Never built from scratch so this is all new to me! 

Thanks for the info Tucker. Thats great info once I get it under contract I am going to talk to a local engineering and surveyor any local ones you know of that are good? See you are in Milford we are basically neighbors!

Great information guys! Thanks a ton. Printed out a purchase and sales agreement and going to get it signed. Will keep you guys posted. Super excited about this! 

Not sure as I dont really have a clue. I was buying it to hopefully put up a garage then he told me that. Maybe someone can chime in here who knows more about this then me. 

Hey guys I am from Southern NH. A friend of mine has a small seperate of land which is approx 1/3 acre that they bought 10 years ago because it was next to their home. Used to have a camp on it and has not had anything on it for maybe 60 years.

Went to town hall. Asked about it and  was originally told it could not have a house on it because it does not meet the 2 acre zoning minimum the town required. Sounded like I could put a garage on it which is what I want to do as long as I met the setbacks.

Next trip went back to town hall a few months later with more questions and there was new people there. Zoning person did not have a clue at all this time and sent me to building inspector.. the building inspector he pulled the records up and told me this was a "lot of record" which means it was a lot before zoning came into play and is grandfathered in to have a house built on it. I was pretty excited because I am purchasing this lot for a couple thousand dollars.  Before I start doing more research I want to have this under contract...

My friend who is selling it has a quitclaim deed to the property. Its only changed hands maybe 2 times in the last 100 years so there is not much history. 

Heres my questions. Can I get a warranty deed from a quit claim deed? Is there an advantage to warranty over quitclaim? We called a title closing company they said we need a purchase and sales ageement which is standard in NH but I cannot find anyone to send me one. Does anyone here have one they could send me? Every realtor wants to be involved to get a commission and wont help once I tell them its a private sale. They are forgetting when I sell this they may get the commission funny how that works.... Any other advice or things I should know as I have not bought any property before! Thanks!

@Ann Bellamy Thank you I will email you for information on local meetings.

@monica Thank you excellent advice.

@laurence I am planning on rehabbing not wholesaling

I am going to talk with a few real estate agents who flip houses on their own to get some more info this week.

For now I am looking to start in my home state of NH. As far as what I am looking to make, I don't really have a set number in my head.

As for how much do I want to make I have this formula...

Beginning buying plan: Maximum Offer (MO) = 65% of ARV - Minus Repair Costs.

Budget: up to $200k which includes holding, purchase and rehab.

So in theory if everything went as planned I would make 35% we all know that's in a perfect world if everything went just right. I would stick to the formula when buying and plan for the 35% when assessing my deals just so I didn't get into trouble.

In the end when it comes time to sell I would realistically figure I would take / make around 20% rate or return on my investment to be happy with the deal. This allows me a reasonable buffer safe zone.

Hows that sound?

I've posted here before and have had lots of excellent advice and feedback, thank you this site is awesome! I have been interested in house flipping for years. I've had some contractors approach me with all kinds partnership deals and some to be a hard money lender but I don't feel that I am really interested in that at this point in time. I finally came up with a budget and decided that I am going to make it happen. I have my own cash / tools / time / knowledge and I am really interested in flipping my first home. The problem I am having is where to start looking to find a deal. I have looked on the MLS and gone to some foreclosure auctions with no real solid leads yet. I am not in the real estate business and do not know a lot of people in it. Where do I look, who do I talk to? Any advice on how you started or how I could start would be greatly appreciated. Thanks!

Just to clarify I have never defaulted on any type of bill and think poorly of those who make it a common practice. With that said.... I did fully intend on using my own cash but was weighing the option of maybe borrowing and was just pondering the + and - of borrowing. I agree with the fact of working my butt off to be successful so everyone wins. I am not planning on losing but nobody does.

As far as caring about the lenders risk, well that is a business too. They are making a pretty hefty ROI if all goes well. If they wanted to play it safe they could just get a money market account at the bank and make 1% interest or less but thats no fun!